Rigetti Computing (NASDAQ:RGTI) Shares Up 3.1% - Here's Why

Key Points

• Shares jumped 3.1% to about $15.13 intraday on Monday with ~16.7 million shares traded, roughly 42% below average, and the stock sits below its 50‑day ($15.95) and well under its 200‑day ($25.22) moving averages.
• Analysts are mixed but the consensus is a Moderate Buy with a $31.70 average target after several firms trimmed price objectives in recent weeks.
• Rigetti beat EPS expectations for the quarter (‑$0.03 vs. ‑$0.05) but missed on revenue and remains highly unprofitable, and insiders (CFO and CTO) sold shares on March 10, leaving insiders with 1.90% ownership.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 3.1% on Monday . The stock traded as high as $15.24 and last traded at $15.13. 16,708,017 shares were traded during mid-day trading, a decline of 42% from the average session volume of 28,758,551 shares. The stock had previously closed at $14.68.

Analyst Ratings Changes

Several research firms recently weighed in on RGTI. Wall Street Zen cut shares of Rigetti Computing from a "hold" rating to a "sell" rating in a research report on Saturday, February 21st. Mizuho dropped their price objective on shares of Rigetti Computing from $50.00 to $43.00 and set an "outperform" rating for the company in a research report on Thursday, March 5th. Benchmark dropped their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, March 20th. Royal Bank Of Canada cut shares of Rigetti Computing to a "hold" rating in a research report on Thursday, January 22nd. Finally, Jefferies Financial Group began coverage on shares of Rigetti Computing in a research report on Tuesday, December 16th. They issued a "hold" rating and a $30.00 price objective for the company. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $31.70.

Rigetti Computing Stock Performance

The firm's 50-day simple moving average is $15.95 and its 200 day simple moving average is $25.22. The company has a market cap of $5.03 billion, a P/E ratio of -22.25 and a beta of 1.82.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.87 million during the quarter, compared to analysts' expectations of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The business's revenue was down 17.9% compared to the same quarter last year. As a group, research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares of the company's stock, valued at $3,076,669.68. The trade was a 2.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO David Rivas sold 36,719 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares of the company's stock, valued at $11,421,533.28. This trade represents a 5.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rothschild Investment LLC grew its holdings in shares of Rigetti Computing by 26.1% in the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company's stock valued at $50,000 after buying an additional 345 shares during the period. Trust Co. of Toledo NA OH grew its holdings in shares of Rigetti Computing by 1.7% in the 3rd quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company's stock valued at $631,000 after buying an additional 357 shares during the period. Prospera Financial Services Inc grew its holdings in shares of Rigetti Computing by 1.0% in the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company's stock valued at $1,245,000 after buying an additional 419 shares during the period. Kestra Private Wealth Services LLC grew its holdings in shares of Rigetti Computing by 1.4% in the 4th quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company's stock valued at $831,000 after buying an additional 535 shares during the period. Finally, MAI Capital Management grew its holdings in shares of Rigetti Computing by 17.7% in the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company's stock valued at $112,000 after buying an additional 566 shares during the period. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti's offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.

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